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Is it possible to create a GIF with sound effects?

Unfortunately no! Sorry :(

Gif is a really simple image format and does not and will not support sound in any way.

If you need to make animation with sound, you'll have to create a video for that. You can use .avi, .mp4 or .webm format for this feature, or set up a web page where .GIF is played at the same time as audio file.